Abu Dhabi Crown Prince attends Queen Elizabeth’s Diamond Jubilee celebrations

posted on 20/05/2012

HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was among guests at a lunch to celebrate the diamond jubilee of Queen Elizabeth II.

Sheikh Mohammed was representing The President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, at the event for sovereign monarchs from around the world.

The lunch was held at Windsor Castle, in Windsor, near London in the United Kingdom.

HH Sheikh Mohammed bin Zayed Al Nahyan was representing The President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, at the event for sovereign monarchs from around the world.

Emirates News Agency, WAM reported that the Crown Prince conveyed the congratulations of Sheikh Khalifa to Queen Elizabeth, Prince Charles and the other members of the British royal family.

Among the other dignitaries attending were the Emir of Qatar, the King of Jordan, the King of Bahrain and Prince Mohammed bin Nawaf bin Abdulaziz Al Saud of Saudi Arabia.

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Abdullah bin Zayed heads UAE delegation to NATO summit in Chicago

posted on 20/05/2012

Chicago - H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, will lead the UAE delegation to the talks with NATO leaders as part of the NATO's 25th summit in Chicago, USA, on Sunday.

Sheikh Abdullah will join heads of state and leaders from 60 participating countries. The two-day summit will be the largest since the NATO establishment 60 years ago.

At the Chicago Summit, 20-21 May 2012, NATO will drive forward key principles and policies that will shape the Alliance of 2020 and beyond. It will deliver on decisions taken at the Lisbon Summit in November 2010, turning them into concrete programmes and initiatives.

The summit will principally focus on three main themes: the Alliance's commitment to Afghanistan through transition and beyond; ensuring the Alliance has the capabilities it needs to defend its population and territory and to deal with the challenges of the 21st century; and strengthening NATO's network of partners across the globe. – Emirates News Agency, WAM

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UAE Ambassador to US visits Joplin City, supports Construction of Children's Wing at Joplin Mercy Hospital

posted on 20/05/2012

Joplin, Missouri - A few days before the one-year anniversary of the catastrophic tornado that damaged and destroyed much of Joplin, United Arab Emirates Ambassador to the United States Yousef Al Otaiba paid a visit to the South-western Missouri town in order to view rebuilding efforts first-hand, and announce a grant from the UAE that will support the construction of a Children's Wing at a new Joplin Mercy Hospital.

US Senator Roy Blunt (MO), Joplin Mayor Melodee Colbert-Kean, executives from Mercy Hospital and other local community leaders joined Ambassador Al Otaiba during his visit.

St. John's Mercy Hospital was destroyed during the tornado last year, and in the immediate aftermath of the storm Mercy's leadership committed to rebuilding a new, state-of-the-art facility in Joplin. During an event at the construction site of the new hospital, Mercy executives and Ambassador Al Otaiba announced that the UAE had provided a grant towards the new hospital's Children's Wing and neonatal care unit (NICU).

"The resilience of the people of Joplin is an inspiration to the entire world," said Ambassador Al Otaiba. "Emiratis have watched this community recover and rebuild from the disaster last year, and we are honoured to help Mercy deliver an enhanced level of medical care to children. It is our hope that current and future generations of Joplin residents will benefit from the hospital's new Children's Wing and NICU." The UAE's gift will help provide Joplin's ill and premature newborns with sophisticated and specialised care. At the event, Mercy executives announced that the Children's Wing will occupy an entire floor of the new hospital and be named to reflect the generosity of the UAE.

During his visit, Ambassador Al Otaiba also visited Joplin High School, where he met with school officials and students. Last August, Joplin Public Schools received a grant from the UAE that provided high school students with laptop computers. Joplin's only high school was completely destroyed by the tornado, and the computers allowed high school students to begin the 2011-2012 academic school year on time and continue their studies without disruption.

Before departing, Ambassador Al Otaiba toured the town of Joplin, in order to view reconstruction efforts first-hand. While on the tour, the Ambassador also paid a visit to new homes that were built by Habitat for Humanity with the assistance of Emirati Takatof volunteers.

"Our pledge to help Joplin rebuild started with aid to Joplin High School last August, and continued when Emirati volunteers travelled over 7,000 miles to assist Habitat for Humanity," said Ambassador Al Otaiba. "On each of these occasions, I was personally struck by the stories of resilience and determination shown by this community." Ambassador Al Otaiba continued, "The spirit of Joplin's people is an inspiration to the entire world. And we are privileged to be able to help with the rebuilding of this community." – Emirates News Agency, WAM

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Take steps for economic unity: Mansouri

posted on 20/05/2012

UAE Minister of Economy Sultan bin Saeed Al Mansouri recently headed the UAE delegation to the 45th meeting of the Gulf Cooperation Council Committee for Trade Cooperation, held in Riyadh.

Ministers discussed the common law to combat commercial fraud in the GCC, and the secretariat's note on self-financing of the Centre for Commercial Arbitration of the GCC countries.

The meeting saw the recommendation to approve the adoption of the costs of the comprehensive study on the flow of goods to GCC states, in the event of the closure of the Strait of Hormuz, as recommended by undersecretaries committee of trade cooperation.

The GCC secretariat will address consulting firms to identify the cost of required studies. On this occasion, Al Mansouri said that the time has come for the GCC to take practical steps to support economic unity. He pointed out that this meeting comes in light of the circumstances and developments that require to share efforts that would achieve the immediate interests of the citizens of GCC countries and work to resolve any obstacles and difficulties that may be encountered. – Khaleej Times

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UAE GDP up US$62 billion in 2011: IMF

posted on 20/05/2012

Strong crude prices allied with high oil production by the UAE to boost its nominal gross domestic product by nearly US$62 billion in 2011 and allow it to maintain its position as the second largest Arab economy.

Oil prices averaged a record high of nearly US$110 in 2011 while the UAE pumped around 2.6 million barrels per day, one of its highest crude production levels since it began exporting oil five decades ago.

Given its heavy reliance on oil exports, higher prices and output expanded the UAE's GDP by US$62 billion or around 20.8 per cent to push it to a record high of US$360 billion in 2011 from US$298 billion in 2010, the Washington-based International Monetary Fund said in its latest review of the UAE.

The surge meant that the UAE maintained its position as the largest Arab economy after Saudi Arabia and also had the second highest GDP per capita income in the Middle East after Qatar.

The UAE's nominal GDP had climbed to a record high of Dh,1156 billion in 2008 on the back of strong crude prices before dipping to nearly Dh993 billion 2009 following a steep fall in oil prices.

It rebounded to Dh1,093 billion in 2011 and climbed to an all time high of Dh1,323 billion in 2011. IMF projected GDP to hit another record of Dh1,419 billion in current prices in 2012 as it expects oil prices to remain high.

The surge in crude prices by nearly 50 per cent in 2011 along with high production pushed the country's hydrocarbon export earnings to a record US$112 billion last year, nearly 50 per cent above the 2010 income of US$75 billion. The report forecast revenue to swell further to US$122 billion in 2012.

Despite a 23 per cent rise in imports, the UAE basked in its highest ever current account surplus of US$33.3 billion in 2011, more than triple the US$9.1 billion balance recorded in the previous year, the IMF report showed.

The surge boosted the balance ratio of GDP to 9.2 per cent in 2011 from 3.1 per cent in 2012. The report expected the surplus to peak at US$40 billion in 2012, nearly 10.3 per cent of GDP.

The UAE has been the second largest earner in OPEC after Saudi Arabia and it has remained among the world's 10 top oil exporters. It also controls the fifth proven crude deposits of around 98 billion barrels.

In its annual report released this week, the Central Bank said robust oil prices also sharply expanded the country's trade balance surplus to nearly Dh291.9 billion last year from about Dh179.8 billion in 2010 despite a surge in imports to Dh742.3 billion from Dh604.3 billion.

Its current account breakdown showed transfers by expatriate workers grew to around Dh41.2 billion from Dh38.8 billion.

Net direct investment rose to Dh20.2 billion from Dh12.8 billion after inward capital surged to Dh28.2 billion from Dh20.2 billion. Outward direct investment edged up slightly to Dh8 billion from Dh7.4 billion.

Enterprises of public sector, which involves government transfers to funds abroad, shot up by more than 10 times to Dh95 billion in 2011 from Dh10 billion in 2011 apparently because of a large budget surplus.

The report showed the UAE's overall balance of payment recorded a surplus of Dh16.6 billion in 2011 compared with Dh26.9 billion in 2010. – Emirates 24|7

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New financial services watchdog for UAE

posted on 20/05/2012

A new agency will have daily oversight of financial services in the biggest shake-up of banking and finance in three decades. The change is part of a new banking law that aims to bolster regulation of the industry and reduce the risk of future banking crises.

"The Government has decided to move to a twin peaks regulation model. It will mean you have two regulators for the financial sector - a prudential regulator and a conduct-of-business regulator," said Mazen Boustany, head of banking and finance at Habib Al Mulla, the law firm advising the Ministry of Finance as sponsor of the law.

Responsibility for conduct of business will move from the Central Bank to a beefed-up Securities and Commodities Association, which will be renamed the Financial Services Authority.

The new authority will have control of consumer protection and the daily business of running the financial system alongside the old association's existing oversight of capital markets. As with the SCA, it will be based in Abu Dhabi and will take on more staff to fulfil its new role.

Its work will dovetail with the Central Bank, which will remain the prudential regulator, taking a birds'-eye view of financial oversight alongside existing control of monetary policy.

Plans to overhaul the 1980 banking law were announced by the Central Bank last month, but details of the changes are only now emerging. Officials expect a first draft by the end of the year.

It is the central part of a broader tightening of bank lending practices in response to lessons learnt during the global financial crisis, said Ismail Al Bloushi, chief manager at the general secretariat and legal affairs division of the Central Bank. "Many banks faced trouble and we are addressing that."

Lawyers say the twin regulatory model is based on that of Australia, which weathered the global crisis better than many other countries. "In comparison, if you look at somewhere like the US there's a multiplicity of regulators who are sometimes falling over each other," said Tim Plews, head of financial services in the Middle East at the law firm Clifford Chance.

Unlike the Australian model, however, the Central Bank will still regulate commercial banks for a transition period of at least four years. Regulation of investment banks, insurers and other financial institutions will sit with the new authority.

Officials say the FSA will not overlap with the Dubai Financial Services Authority, which governs how financial service companies work in the Dubai International Financial Centre.

But the move to establish the new body signals the Government's desire to bolster financial oversight as Abu Dhabi seeks to build a greater foothold in financial services.

The Financial Services Association, a trade body representing banks and other financial service companies, welcomed the move to a regulatory model.

"We look forward to supporting the UAE financial services industry during any transition," said Arwa Hamdieh, the co-founder of the association. – The National

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UAE dates named best selling product in SIAL China 2012

posted on 20/05/2012

In a significant development that is sure to boost the commercial prospects of UAE's agricultural products in international market, the organisers of SIAL China 2012, the Asian edition of one of the world's top food exhibitions, have named the UAE dates the best selling product at the exhibition and awarded a certificate to Abu Dhabi Food Control Authority (ADFCA), which put together the UAE pavilion that comprised some of the country's top dates companies.

ADFCA promoted UAE dates vigorously at the exhibition, which was held during May 9-11, 2012 in Shanghai. Winner of this award was declared close on the heels of the exhibition, following a judging process, which took into account the quality and high nutritional value of UAE dates as well as the high demands for them from visitors and investors.

ADFCA Pavilion hosted some of the UAE's largest date production companies such as Al Foah Company, Liwa Dates, Emirates Delight Dates Factory and Royal Dates Company.

Rashid Mohamed Al Shariqi, Director General of ADFCA, said, "We owe this great achievement to HH Sheikh Mansoor bin Zayed Al Nahyan, Deputy Prime Minister of the UAE, Minister of Presidential Affairs and Chairman of Abu Dhabi Food Control Authority for his efforts to support dates, and his encouragement to compete in international markets. This important award is sure to enhance the international profile of UAE dates".

"The active participation of national companies at the exhibition was the determining factor. Their high quality products attracted more than 10,000 visitors to our pavilion as well as huge investor demands from China, France and Japan for marketing UAE dates in their respective countries.

This has opened up new and hitherto largely unexplored new market opportunities. Through our participation, we were also able to rope in many companies to participate in SIAL Middle East and the Emirates Date Palm Festival," he explained.

Abu Dhabi Food Control Authority was established in 2005 as an independent food regulatory agency for the emirate of Abu Dhabi. The Authority embodies the Abu Dhabi Government's commitment to protecting its consumers, particularly by ensuring the safety and quality of food served throughout the public. – Emirates News Agency, WAM

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RTA begins Dh1billion roads project

posted on 20/05/2012

The Roads and Transport Authority (RTA) has awarded two contracts for the construction of new roads in Al Qusais and Al Quoz costing Dh38 million, which form part of the first phase of its five-year Dh1-billion project to improve roads in the residential areas in the emirate.

The move comes as the RTA tries to improve its road network in an effort to meet the demands of Dubai's growing demography.

The project, known as the RTA's five-year Internal Roads Construction Plan, will be built in Al Qusais 3 and Al Quoz 4.

"The two projects represent the initial phase of the five-year plan endorsed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for paving internal roads in several residential districts in Dubai at a cost of about Dh1 billion.

"The initial phase of the plan covers five residential communities namely: Hatta and Al Qusais 3 in addition to Al Quoz 2, 3 and 4,” said Mattar Al Tayer, Chairman of the board and Executive Director of the RTA.

The construction in Al Qusais 3 involves an area of 225 hectares and will entail six kilometres of roads being built alongside streetlights and parking lots catering to the mosques and schools in the area. Construction is set to begin in June and will take nine months to complete, Al Tayer said.

Similarly, the project in Al Quoz 4 involves adding another eight kilometres of roads, streetlights, parking spaces and storm-water drainages. The Al Quoz 4 project is expected to be completed in the first half of 2013.

Earlier this month, the RTA awarded another construction contract in Al Warqaa 1, 2, 3 and 4, which includes building street lights along a 125-kilometre stretch of road and improving existing roads.

"This also includes the construction of roadside parking lots, parking for some mosques and public schools in the area, and all necessary road works such as road marking and traffic signals,” Al Tayer said, referring to the construction in Al Warqaa. Phase one of the Internal Roads Construction Project, which costs Dh150 million, covers five residential communities including Hatta and Al Qusais 3 in addition to Al Quoz 2, 3 and 4.

Phase two, which will start in 2013 at a cost of about Dh140 million, covers three residential districts of Muhaisna 2, and Al Barsha South 1 and 2. Phase three will start in 2014, at a cost of around Dh130 million, covering Al Mamzar, Al Nahda 1 and Oud Mateena 2.

Phase four will start in 2015 and costs Dh140 million. It covers the construction of roads in three districts including Nad Al Sheba 4, Oud Mateena 1 and Khawaneej 2.

Phase five, which starts in 2016 at a cost of about Dh250 million, will cover road work in Jebel Ali Industrial Area 1, Al Qusais Industrial Areas 3, 4 and 5, and Al Awir 1. - Khaleej Times

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Mercury hits a blistering 47°C on Saturday

posted on 20/05/2012

Saturday was hot and dry in Sharjah, with the internal areas recording a maximum temperature of 47°C and the coastal areas 46°C. Humidity was less in Sharjah during the morning session. Later in the afternoon, with the arrival of north-westerly wind, there was some respite from the heat

Hot weather due to low humidity and dry wind in the morning continues to reign over the region as the summer is gearing up to hit its peak for the year.

The National Centre for Meteorology and Seismology (NCMS) forecast generally hot and hazy weather for the next couple of days, especially in the western areas. The haze, which is lowering visibility in broad daylight, has become a yearlong phenomenon, said meteorologists.

Some clouds are expected to develop over the eastern areas by the afternoon on Sunday. There will be light to moderate winds, freshening at times, causing dust and sand to blow over some internal areas. Sea will be slight to moderate, it said.

Winds will be south-easterly and easterly, becoming north-westerly by afternoon and easterly to south-easterly by night on Sunday and Monday, NCMS said. The wind from the desert, which accumulates and suspends dust in the air, has the support of other air pollutants like industrial and vehicle emissions, to keep the dust in the air and cause poor visibility, a Met office source in Sharjah said. – The Gulf Today

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Ferrari World unveils new family ride

posted on 20/05/2012

Ferrari World Abu Dhabi unveiled a brand new family ride called ‘Viaggio in Italia' at a special event held at the theme park on Thursday.

In celebration of the legendary ‘Mille Miglia' race in Italy, members of the UAE Ferrari Owners Club drove in a convoy from Dubai to Ferrari World Abu Dhabi to unveil the ride, which is inspired by the historic race.

Visitors to the attraction will be taken on a stunning aerial journey of Italy, taking in the sights of Venice, Tuscany, Lago Maggiore, Rome and many more, all whilst experiencing special effects including mist, wind and the invigorating scents of flowers and plants that bring the journey to life.

Guests will be air-lifted 14.5 metres into the air by simulator arms and suspended over a giant hemispherical domed screen, with highly advanced pivoting hydraulic technology used to swerve and dip seats for maximum thrills.

"If you close your eyes, breathe in the pine-scented air and feel the cool mist float over you can almost imagine you are driving through the Italian countryside – Viaggio in Italia is a ride that really brings the Ferrari sensation to life,” said Andy Keeling, Park Manager of Ferrari World Abu Dhabi.

"This is a unique family ride where every member of the family can immerse themselves in the beauty of their surroundings from a truly exciting vantage point,” he added. – 7Days

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Pictures of Olympians tell story at Dubai airport

posted on 20/05/2012

Pre-Olympic fever hit Dubai International Airport yesterday with the unveiling of a gallery of portraits of the UAE men and women likely to take part.

The exhibition, organised by the British Council in collaboration with the UAE National Olympic and Paralympic Committees, features portraits of 19 paralympians and five Olympians. Among them is HH Sheikh Saeed Bin Maktoum bin Rashid Al Maktoum who is in the UAE shooting squad and HH Sheikh Majid Bin Abdullah Al Qasimi who will take part in the equestrian.

After opening the exhibition in Dubai International's departures hall. HH Sheikh Ahmed bin Saeed Al Maktoum said: "This exhibition is a great tribute to the men and women who will carry the hopes of a nation when they represent the UAE at the Olympics and Paralympics later this year. Representing your country on the world stage is not only a great honour but a huge responsibility.”

Guy Warrington, British Consul General in Dubai, is looking forward to the Olympic football match between the UAE and Great Britain.

He added: "The UK is buzzing with excitement as it prepares to host the Olympic and Paralympic Games this summer and this event is a wonderful prelude to that. I wish the UAE athletes the very best of luck in London.”

The portraits, taken by British artist Gabriella Sancisi, will be on display until July 31.

Meanwhile OSN, the Pay TV network, has announced it will screen more than 225 hours of Games coverage daily on 13 channels across multiple media platforms, including a 24/7 Olympic news channel. – 7Days

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Manchester City boss Mancini praises Sheikh Mansour

posted on 20/05/2012

Manchester City boss Roberto Mancini was quick to credit the support of owner Sheikh Mansour bin Zayed Al Nahyan and chairman Khaldoon Al Mubarak for the club's staggering success in the past 20 months.

Qualification for the Champions League and success in last season's FA Cup Final, the club's first piece of silverware since the 1976 League Cup, paved the way for the heart-stopping title success last weekend, when Manchester City won the Premier League with virtually the last kick of the campaign.

Such triumphs are the net result of considerable investment, with a total expenditure now around US$1 billion, but Mancini stressed that the "support” didn't simply come via the chequebook.

"They always supported the team, even in the bad moments,” Mancini told Sky News Arabia during a trip to Abu Dhabi.

"We won this title also for this reason. In difficult moments like after Arsenal, where we were eight points behind [Manchester United], the club and Khaldoon supported me and all the team."

Khaldoon al-Mubarak confirmed to Sport360° that Sheikh Mansour watched every single minute of City's league season. He was quick to echo Mancini's assessment.

"The commitment he has given this club, the investment he has made, the prudent approach he has taken in guiding us through this journey… He really deserves this,” he said. – Sport 360°

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New UAE FA chief has 'big plans' for Emirati football

posted on 20/05/2012

Yousef Yaqoub Al Serkal has been appointed President of the UAE Football Association after winning last night's ballot by a comprehensive margin from his only rival Abdullah Hareb Al Falahi.

Al Serkal and Al Falahi sat side by side talking and smiling as the ballots were cast by representatives of the various clubs in the Emirates. But as the votes were counted, both candidates appeared anxious.

The anxiety evident on Al Serkal's face eased when it was announced he had won 26 of the 28 votes that had been cast. Following the announcement of his victory, Al Serkal patted Al Falahi and the two exchanged friendly banter before parting ways. Mohammed Thani Murshid Rumaithi was elected Vice-President.

Al Serkal is no newcomer to the role. He served as the President of the UAE FA from 2002 to 2006 and was appointed President of the interim committee of the FA after Mohammed Khalfan Al Rumaithi and his team stepped down in December last year.

"Our focus is to improve football in the country and winning by such a big margin gives us the confidence that I have the backing of nearly all of the clubs in the UAE,” Al Serkal said. "We know what needs to be done and we have a plan to go about achieving what we need to do.

"Me and my team are keen to work hard to improve the country's footballing fortunes and are hoping our hard work will show in time. I have big plans for football here but none of those were revealed during my campaign because I didn't want my rivals to take advantage of it, but these will be put forward before the new committee for their approval before we put them into action.”

Al Serkal had earlier been accused by rival Al Falahi's camp of having breached FA and FIFA statutes to enhance his position in the election race. Asked for his opinion on the allegations after winning the elections, Al Serkal added: "I refuse to comment on any of that because it doesn't matter anymore.”

One of Al Serkal's first tasks in charge will be to appoint a permanent coach for the UAE national team. Dr Abdullah Miser has been guiding the team on an interim basis since the The Whites parted company with former boss Srecko Katanec last September.

The Slovenian paid the price for a poor start to the UAE's doomed World Cup 2014 qualifying campaign which saw them lose five of their six games and miss out on their first finals since 1990.

Al Serkal has stated in the past he would be keen for Argentine legend Diego Maradona, coach of UAE Pro League side Al Wasl, to take up the reins. "Yes, we have thought of Maradona to lead the team. He is one of the names you cannot lose sight of, especially since he is already here," he had said.

However, the smart money remains on Emirati coach Mahdi Ali, whose stock has risen since guiding UAE's Under-23 team to this summer's London Olympic Games for the first time in the country's fledgling history. A host of players have voiced their support for Ali given the stellar work he has done over the past few years working at various youth levels in the country. – Sport 360°

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